Resilient growth in a roaring business environment
AA1
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Last updated in January 2024.
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GDP | USD467bn (world ranking 34, World Bank 2022) |
Population | 5.6mn (world ranking 114, World Bank 2022) |
Form of state | Parliamentary Republic |
Head of government | LEE Hsien Loong (PM) |
Next elections | 2025, general election |
- Favorable business environment
- Strong public and external finances
- Disciplined fiscal and monetary policies
- Stable political environment
- Strategic geographic position
- Vulnerable to external challenges
- Medium term challenges including social inequality and job-skill mismatches
- Limited renewable energy potential
- High dependence on exports
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
China, Hong Kong SAR
14.4%
|
1 |
15.1%
China
|
China
13.7%
|
2 |
12.2%
Malaysia
|
United States of America
9.7%
|
3 |
10.4%
China, Taiwan Province of
|
Malaysia
8.5%
|
4 |
10.1%
United States
|
Indonesia
5.7%
|
5 |
5.6%
Japan
|
Trade structure by product
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Electrical machinery and apparatus
27.1%
|
1 |
22.9%
Electrical machinery and apparatus
|
Petroleum and related materials
17.6%
|
2 |
21.2%
Petroleum and related materials
|
Organic chemicals
5.2%
|
3 |
4.7%
Office machines and automatic data processing machines
|
Specialised machinery
5.0%
|
4 |
4.3%
Gas, natural and manufactured
|
Office machines and automatic data processing machines
4.3%
|
5 |
3.8%
Gold, non-monetary (excluding gold ores and concentrates)
|